Hello-Recently Retired New to Board -Hope I can contribute

[MasterBlaster]

Meadbh, a couple of books that you might enjoy:

(1) Bernstein and Swan, All the Money in the World: How the Forbes 400 Make - and Spend - Their Fortunes (2007);

(2) Frank, Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich (2008).

I looked up the first book on Amazon and noticed that you can buy it used for $1.08 (plus $3.99 shipping)

Quoting one of the reviewers of the book (from Spetember 21, 2007)...
The book cites one person's view that a major recession is coming, and the public's perception of the super-rich as having gotten there by greed and abuse, a factor to be reckoned with in the near future.

So the book accurately predicts future events, and all for $1.08

 

[meanmrmustard]

Hi Danmar

Danmar: Thought I'd say hello, because you posted two helpful posts on my thread "50 year old lawyer seeks enlightenment..." a week or two ago, about importance of tracking expenses, and on the metaphysical issues involved in giving up work-status cold turkey. (Plus you're a Canuck, seemingly with roots in both TO and Alberta) Interested to know more about your hints that you missed work two years after after you retired. Your ample assets suggest that you had the option of retiring much earlier (I'm guessing, maybe at about my age), but chose for some reason not to. I'm fairly sure I could accumulate your level of assets by the time I'm 59 by carrying on working and accumulating at about present rate, but for me the issue is should I do that, and if so, why will I be doing it? Did you consider retiring earlier? Do you have regrets that you did not go for a longer but somewhat less affluent retirement. Alternatively, do you wish you had stuck with it longer?

 

[Danmar]

Mustard- Good questions. I guess in my case there was a confluence of events that helped me make the decision. 1) I finalized a messy divorce 2)My net worth increased very rapidly 3) I realized I wasn't having fun at work any more. These events all happened when I was 53 and it took the next 3 years to effect the plan to retire. Do I regret anything-don't think so. I think I would have gone on a little longer if the extra assets would have meant anything other than an ego boost. In retrospect it would not have been fun during the past 2 years. Work twice as hard for half the money.

 

[Midpack]

• My wife, also retired, is a very young 52.
• Portfolio runs around $12million including significant uncashed options in the stock of my employer. I am hoping it will eventually be about $15million once all cashed out in 2 years.
• I will start my pension in about 2 years and it will be $550,000/year (partial COLA).
• Current portfolios mostly dividend paying equities (banks, insurance, telecom) currently generating about $375,000 per year in dividends.
• Yearly spend is $700,000 including alimony.
• We have cash on hand for 2 years spending.

Welcome Danmar. Maybe I missed it, but plugging into FIRECALC is a good place to start (some of the inputs are above). It appears you are in good shape, and can be less aggressive (take less risk) with your asset allocation - a very good thing.

Interesting many here are thrown by the number of 0's - the same rules apply for the most part. For example, $700K/yr from a $15M nest egg translates to a 4.67% WR, many would consider that risky especially at your relatively young ages! However, with your pension you're fine and have options many others do not have. Again, many of the same rules apply for the most part as for an LBYM'er...

 

[floatingdoc]

Danmar, if your looking for a "cheap" powerboat. I have 40 foot 2004 silverton motor yacht on yachtworld. 200K takes her

 

[Danmar]

Yes have used firecalc with 0 failures. Don't forget I do not need to spend principal. Dividends plus pension should more than cover our expenses.